External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

CTBC Financial Holding / Equity Bottom-Up

<p>Valuation appears fair; recommend NEUTRAL. CTBC FHC posted excellent 1Q~3Q21 net profit of NTD46.475bn (+28.6% YoY). Catalyzed by simultaneous growth in its subsidiaries, Taiwan Life and CTBC Bank, CTBC FHC is estimated to post FY21 net profit of NTD54.696bn with EPS of NTD2.74. However, as CTBC FHC is currently traded fairly at 1.2x FY21 PBR, we recommend NEUTRAL.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Valuation appears fair; recommend NEUTRAL. CTBC FHC posted excellent 1Q~3Q21 net profit of NTD46.475bn (+28.6% YoY). Catalyzed by simultaneous growth in its subsidiaries, Taiwan Life and CTBC Bank, CTBC FHC is estimated to post FY21 net profit of NTD54.696bn with EPS of NTD2.74. However, as CTBC FHC is currently traded fairly at 1.2x FY21 PBR, we recommend NEUTRAL.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CTBC Financial Holding

CTBC FHC (2891 TT, NEUTRAL, NTD24.70)